By Dan Scott
Millennials and pirates have a lot in common. Typically, both are adventurous, dislike the elite—and deeply desire gold. Edahn Golan, an acclaimed jewellery industry analyst, notes millennials are spending more on jewellery than any other age group of late. Their metal of choice? You guessed it: gold. While pirates live on in legends, millennials are writing a modern-day golden story.
Money-making millennials
Millennials account for 27 per cent of the global population. Worldwide, they number 2 billion, with 9.6 million of them residing in Canada. Accenture reports another 80 million reside in the United States, spending approximately US$600 billion each year. By 2020, Accenture projects that number to spike to US$1.4 trillion in retail sales. (For more, visit www.accenture.com/us-en/insight-outlook-who-are-millennial-shoppers-what-do-they-really-want-retail.) In fall of 2016, the Bain Luxury Goods Worldwide Market Study projected millennials will account for 40 per cent of the global personal luxury goods market by 2025. The study also reports 70 per cent of luxury purchases are influenced by online interactions, meaning at least one form of online interaction with the brand or product has taken place before the purchase is made. (To read the study, see www.bain.com/about/press/press-releases/press-release-2017-global-fall-luxury-market-study.aspx.)
Wow…been looking into info & stats on millennials and how their needs, desires, and wants differ from other groups for months!!…this pulls so much info together in one place!!…great job Dan Scott!!
great collection of statistical information on millenials
WOW. This could be the first millennial retail story that will actually helped me relate and sell better to millennial! i’m trying the “millennial monday” thing!! Thanks Jewellery Business!! Need more of this kind of story, please. Maybe how to combat millennial price objections?!?
This article is very informative regarding present and future views of millennials shopping practices. The knowledge gained from this reading will be helpful to any retailer.
ok……there is some good info here…….BUT there is NOTHING about helping someone understand any part whatsoever on google analytics! just breeeeezed part that huh???
Very comprehensive and paints a clearer picture of my target audience.